MEC Resources Ltd. announced Friday a suspension of the PEP11 Year 2 work program on Jan. 28. Further to that announcement, MEC Resources is pleased to advise that preparatory work is underway to perform a seismic survey in the offshore Sydney Basin in PEP11. This includes procurement of specialist seismic service providers to assist in the new data acquisition planned for PEP11.
The PEP11 joint venture participants are Asset Energy Pty Ltd. (85 percent and operator) and Bounty Oil and Gas NL (15 percent). Asset Energy Pty Ltd. is a wholly owned subsidiary of MEC Resources Ltd. investee entity Advent Energy Ltd.
MEC Resources is closing monitoring the gas market dynamics in the east coast of Australia, and strongly believes the PEP11 project is ideally placed to provide gas into the east coast gas network. The Australian Petroleum Production & Exploration Association (APPEA) has succintly described the foreast shortfall in the east coast gas market in a public statement released March 10.
"The latest Gas Statement of Opportunities (GSOO) warns that developed gas reserves in eastern and south-eastern Australia can only meet forecast demand until 2019."
“The information released by AEMO (Australian Energy Market Operator) today is a sobering reminder that the east coast needs rapid development of new gas resources to guarantee supply.”
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